In many economic situations, the incentives of individual agents are not aligned with the objective of attaining aggregate economic efficiency, or the maximisation of social welfare. Such situations often lead to market failures that are characterised by environmental degradation or the overexploitation of natural resources.
 
This course analyses the economic principles underlying the design of efficient environmental policies and the optimal management of natural resources. It identifies conditions under which market failures lead to environmental degradation or to the overexploitation of natural resources, and discusses economic policies that can counteract such market failures. Such policies include imposing taxes on certain economic activities, or allocating property rights that allow these activities to be undertaken. If property rights—which may take the form of pollution permits, or individual quotas for the harvesting of natural resources—are transferable between agents, the trade of property rights between self-interested agents yields economic efficiency as a market-based outcome.

Learning Outcomes

Upon successful completion, students will have the knowledge and skills to:

1. Understand how various market failures may lead to environmental degradation or the overexploitation of natural resources;
2. Use economic modelling to evaluate various approaches to the design of efficient environmental policies and of rules for the optimal management of natural resources;
3. Construct and analyse simple dynamic models of natural resource management.
4. Analyse advanced graduate-level models of environmental economics and natural resource management

Research-Led Teaching

Theory and applied examples covered in the course are derived from research in the field of Environmental and Resource Economics. In addition, students are required to participate in a weekly seminar discussion which will be based on research papers in relevant topics.

Examination Material or equipment

No materials permitted in the exam.

Recommended Resources

There is a number of books which are suitable for additional readings. Most of the topics are standard in this field and will be covered in any Environmental Economics textbook you will find. The two following texts are an affordable recommendation and the Harris book is available in ANU library:

Environmental and Natural Resource Economics: A Contemporary Approach, Fourth Edition, by Jonathan M. Harris and Brian Roach (https://library.anu.edu.au/record=b4407893)

Environmental and Natural Resource Economics, 11th Edition, by Tom Tietenberg and Lynne Lewis

The availability of an online version of the Tietenberg textbook is currently being investigated and information will be advertised when known.

The postgraduate part of this course will cover some topics discussed in the Handbook of Environmental Economics (Dasgupta et al., 2018), which is available in the library.

Dasgupta, P., Pattanayak, S. K., & Smith, V. K. (2018). Handbook of Environmental Economics. Elsevier. The availability of an online version of the this textbook is currently being investigated and information will be advertised when known.

Staff Feedback

Students will be given feedback in the following forms in this course:

• written comments
• verbal comments
• feedback to whole class, groups, individuals, focus group etc

Student Feedback

ANU is committed to the demonstration of educational excellence and regularly seeks feedback from students. Students are encouraged to offer feedback directly to their Course Convener or through their College and Course representatives (if applicable). The feedback given in these surveys is anonymous and provides the Colleges, University Education Committee and Academic Board with opportunities to recognise excellent teaching, and opportunities for improvement. The Surveys and Evaluation website provides more information on student surveys at ANU and reports on the feedback provided on ANU courses.

Class Schedule

Week/Session	Summary of Activities	Assessment
1	Introduction: The Economy and the Environment
2	Environmental Externalities
3	Common Property Resources	Online Quiz #1
4	Resource Allocation Over Time
5	Valuing the Environment
6	Cost-Benefit Analysis
7	Pollution Control	Mid-term Exam
8	Energy Transition	Article Review Due
9	Climate Change
10	Nonrenewable Resources
11	Renewable Resource Use
12	Trade and the Environment	Personal Project Due

Tutorial Registration

You are expected to attend one tutorial each week from Week 2 onward. You must (potentially if there are a lot of students such that we need more than the 2h lecture/tutorial) enroll in a tutorial using the Wattle site for this course, and attend the tutorial in which you are enrolled. More information will be available on Wattle in O- week.

Assessment Summary

Assessment task	Value	Due Date	Return of assessment	Learning Outcomes
Quiz #1	5 %	14/08/2020	28/08/2020	1,2,3
Final Exam	40 %	05/11/2020	03/12/2020	1,2,3
Personal Project	20 %	30/10/2020	04/11/2020	1,4
Article Review	5 %	15/10/2020	22/10/2020	1,4

* If the Due Date and Return of Assessment date are blank, see the Assessment Tab for specific Assessment Task details

Policies

ANU has educational policies, procedures and guidelines, which are designed to ensure that staff and students are aware of the University’s academic standards, and implement them. Students are expected to have read the Academic Misconduct Rule before the commencement of their course. Other key policies and guidelines include:

• Student Assessment (Coursework) Policy and Procedure
• Special Assessment Consideration Policy and General Information 
• Student Surveys and Evaluations
• Deferred Examinations
• Student Complaint Resolution Policy and Procedure

Assessment Requirements

The ANU is using Turnitin to enhance student citation and referencing techniques, and to assess assignment submissions as a component of the University's approach to managing Academic Integrity. For additional information regarding Turnitin please visit the ANU Online website. In rare cases where online submission using Turnitin software is not technically possible; or where not using Turnitin software has been justified by the Course Convener and approved by the Associate Dean (Education) on the basis of the teaching model being employed; students shall submit assessment online via ‘Wattle’ outside of Turnitin, or failing that in hard copy, or through a combination of submission methods as approved by the Associate Dean (Education). The submission method is detailed below.

Moderation of Assessment

Marks that are allocated during Semester are to be considered provisional until formalised by the College examiners meeting at the end of each Semester. If appropriate, some moderation of marks might be applied prior to final results being released.

Assessment Task 1

Quiz #1

Short online quiz to give you some feedback on your learning in the course at an early stage. The 15-minute quiz will count for a small part of your grade and will contain multiple choice and short open questions. If you miss the quiz, that part of your grade is redeemable in the midterm, which in that case will count for 5% extra of your grade. The quiz will be available online for 48 hours starting from 9:00 am on 14/08/2020. Marks of the quiz will be released within 2 weeks.

Assessment Task 2

Final Exam

All students will undertake a 150-minute final Exam during the university examination period. The exact timing of the final exam will be centrally scheduled. There will be a number of questions based on the materials covered throughout the semester. More information on the types of questions will be available later in the semester, at least 2 weeks prior to the exam. The final exam will be an online exam. All students should participate through the wattle

Assessment Task 3

Personal Project

The personal project is a piece of original writing, which applies the materials covered in this course to environmental debates/policies/issues. The project can take many forms as long as the writing demonstrates appropriate applications of the knowledge and/or analytic tools taught in this course. Some examples of possible writing formats include Policy briefs, blog posts, news reports, and research proposals. This assignment will due on 30/10/2020, which is the last day of the second-semester teaching period. The results of this assessment will be released on 04/11/2020, which is one day before the beginning of the final examination period. Further details will be provided on Wattle by Week 5.

Assessment Task 4

Article Review

Postgraduate students will review one article from a given list of research papers, blog posts, and policy briefs. Students are expected to summarize the main points of the articles, comment on the quality, and give their own opinions on the underlying issue. It helps students approach their personal projects. The review will due on 02/10/2020 and the feedback will be given on 09/10/2020. Further details will be provided on Wattle by week 6.

Academic Integrity

Academic integrity is a core part of the ANU culture as a community of scholars. At its heart, academic integrity is about behaving ethically, committing to honest and responsible scholarly practice and upholding these values with respect and fairness.

The ANU commits to assisting all members of our community to understand how to engage in academic work in ways that are consistent with, and actively support academic integrity. The ANU expects staff and students to be familiar with the academic integrity principle and Academic Misconduct Rule, uphold high standards of academic integrity and act ethically and honestly, to ensure the quality and value of the qualification that you will graduate with.

The Academic Misconduct Rule is in place to promote academic integrity and manage academic misconduct. Very minor breaches of the academic integrity principle may result in a reduction of marks of up to 10% of the total marks available for the assessment. The ANU offers a number of online and in person services to assist students with their assignments, examinations, and other learning activities. Visit the Academic Skills website for more information about academic integrity, your responsibilities and for assistance with your assignments, writing skills and study.

Online Submission

You will be required to electronically sign a declaration as part of the submission of your assignment. Please keep a copy of the assignment for your records. Unless an exemption has been approved by the Associate Dean (Education) submission must be through Turnitin.

Hardcopy Submission

For some forms of assessment (hand written assignments, art works, laboratory notes, etc.) hard copy submission is appropriate when approved by the Associate Dean (Education). Hard copy submissions must utilise the Assignment Cover Sheet. Please keep a copy of tasks completed for your records.

Late Submission

No submission of assessment tasks without an extension after the due date will be permitted. If an assessment task is not submitted by the due date, a mark of 0 will be awarded.

Referencing Requirements

Accepted academic practice for referencing sources that you use in presentations can be found via the links on the Wattle site, under the file named “ANU and College Policies, Program Information, Student Support Services and Assessment”. Alternatively, you can seek help through the Students Learning Development website.

Returning Assignments

The graders will endeavour to return your assignments one week after the submission date..

Extensions and Penalties

Extensions and late submission of assessment pieces are covered by the Student Assessment (Coursework) Policy and Procedure. The Course Convener may grant extensions for assessment pieces that are not examinations or take-home examinations. If you need an extension, you must request an extension in writing on or before the due date. If you have documented and appropriate medical evidence that demonstrates you were not able to request an extension on or before the due date, you may be able to request it after the due date.

Privacy Notice

The ANU has made a number of third party, online, databases available for students to use. Use of each online database is conditional on student end users first agreeing to the database licensor’s terms of service and/or privacy policy. Students should read these carefully. In some cases student end users will be required to register an account with the database licensor and submit personal information, including their: first name; last name; ANU email address; and other information.
In cases where student end users are asked to submit ‘content’ to a database, such as an assignment or short answers, the database licensor may only use the student’s ‘content’ in accordance with the terms of service – including any (copyright) licence the student grants to the database licensor. Any personal information or content a student submits may be stored by the licensor, potentially offshore, and will be used to process the database service in accordance with the licensors terms of service and/or privacy policy.
If any student chooses not to agree to the database licensor’s terms of service or privacy policy, the student will not be able to access and use the database. In these circumstances students should contact their lecturer to enquire about alternative arrangements that are available.

Distribution of grades policy

Academic Quality Assurance Committee monitors the performance of students, including attrition, further study and employment rates and grade distribution, and College reports on quality assurance processes for assessment activities, including alignment with national and international disciplinary and interdisciplinary standards, as well as qualification type learning outcomes.

Since first semester 1994, ANU uses a grading scale for all courses. This grading scale is used by all academic areas of the University.

Support for students

The University offers students support through several different services. You may contact the services listed below directly or seek advice from your Course Convener, Student Administrators, or your College and Course representatives (if applicable).

• ANU Health, safety & wellbeing for medical services, counselling, mental health and spiritual support
• ANU Diversity and inclusion for students with a disability or ongoing or chronic illness
• ANU Dean of Students for confidential, impartial advice and help to resolve problems between students and the academic or administrative areas of the University
• ANU Academic Skills and Learning Centre supports you make your own decisions about how you learn and manage your workload.
• ANU Counselling Centre promotes, supports and enhances mental health and wellbeing within the University student community.
• ANUSA supports and represents undergraduate and ANU College students
• PARSA supports and represents postgraduate and research students